Industry News

RESPA changes pulled

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The U.S. Department of Housing and Urban Development has withdrawn its proposal for changes to the Federal Real Estate Settlement Procedures Act and plans to review public and industry comments before resubmitting the rule, acting HUD Secretary Alphonso Jackson announced Monday morning. "I believe that it would be prudent for HUD to reexamine the RESPA rule before it is made final," Jackson said. "I plan to revise the rule, if necessary, and to re-propose the rule, requesting additional comments, after I have had an opportunity to brief members of Congress and to meet with affected consumer and industry groups. After the rule has been completely vetted, I will send it back to OMB for review." Jackson would not give a timetable for the new process. HUD submitted its RESPA proposal to the White House Office of Management and Budget for its review in December 2003, nearly a year and a half after the department first proposed it. But HUD kept secret what exactly it sent to OMB, so no ...